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When the work shall have been substantially completed the CONTRACTOR and his Surety
<br />shall be so notified and Certificates of Completion and Acceptance, as provided in Paragraph 5.06
<br />hereinabove, shall be issued. A complete itemized statement of the contract accounts, certified to
<br />by the ENGINEER as being correct, shall then be prepared and delivered to the CONTRACTOR
<br />and his Surety, whereupon the CONTRACTOR and/or his Surety, or the OWNER as the case may
<br />be,. shall pay the balance due as reflected by said statement, within fifteen (15) days after the date
<br />of such Certificate of Completion.
<br />In the event the statement of accounts shows that the cost to complete the work is less
<br />than that which would have been the cost to the OWNER had the work been completed by the
<br />CONTRACTOR under the terms of this contract; or when the CONTRACTOR and/or his Surety
<br />shall pay the balance shown to be due by them to the OWNER, then all machinery, equipment,
<br />tools, materials or supplies left on the site of the work shall be turned over to the CONTRACTOR
<br />and/or his Surety. Should the cost to complete the work exceed the contract price, and the
<br />CONTRACTOR and/or his Surety fail to pay the amount due the OWNER within the time
<br />designated hereinabove, and there remains any machinery, equipment, tools, materials or supplies
<br />on the site of the work, notice thereof, together with an itemized list of such. equipment and
<br />materials, shall be mailed to the CONTRACTOR and his Surety at the respective addresses
<br />designated in this contract, provided, however, that actual written notice given in any manner will
<br />satisfy this condition. After mailing, or other giving of such notice, such property shall be held at
<br />the risk of the CONTRACTOR and his Surety subject only to the duty of the OWNER to exercise
<br />ordinary care to protect such property. After fifteen (15) days from the date of said notice the
<br />OWNER may sell such machinery, equipment, tools, materials or supplies and apply the net sum
<br />derived from such sale to the credit of the CONTRACTOR and his Surety. Such sale may be made
<br />at either public or private sale, with or without notice, as the OWNER may elect. The OWNER
<br />shall release any machinery, equipment, tools,= materials, or supplies, which remain on the work,
<br />and belong to persons other than the CONTRACTOR or his Surety, to their proper owners.
<br />The books on all operations provided herein shall be open to the CONTRACTOR and his Surety.
<br />7.02 ABANDONMENT BY OWNER. In case the OWNER shall fail to comply with the
<br />terms of this contract, and should fail or refuse to comply with said terms within ten (10) days
<br />after written notification by the CONTRACTOR, then the CONTRACTOR may suspend or
<br />wholly abandon the work, and may remove therefrom all machinery, tools and equipment, and
<br />all materials on the site of work that have not been included in payments to the CONTRACTOR
<br />and have not been wrought into the work. And thereupon the ENGINEER shall make an estimate
<br />of the total amount earned by the CONTRACTOR, which estimate shall include the value of all
<br />work actually completed by said CONTRACTOR (at the prices stated in the attached proposal
<br />where unit priceg are used), the value of all partially completed work at a fair and equitable
<br />price, and the amount of all Extra Work performed at the prices agreed upon, or provided for by
<br />the terms of this contract, and a reasonable sum to cover the cost of any provisions made by the
<br />CONTRACTOR to carry the whole work to completion and which cannot be utilized. The
<br />ENGINEER shall then make a final statement of the balan.ce due the CONTRACTOR by deducting
<br />from the above estimate all previous payments by the OWNER and all other sums that may be
<br />retained by the OWNER iinder the terms of this Aereement and shall certify same to the OWNER
<br />who shall pay to the CONTRACTOR on or before thirty (30) days after the date of the notification
<br />by the CONTRACTOR the balance shown by said final statement as due the CONTRACTOR,
<br />under the terms of this Agreement.
<br />G-14 o bY Texw Se«,on, ASCE 1971
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